The goal of this AI is to build clean data sets and serve the unserved/ underserved next billion users. NextBillion AI proposes an extensive variety of AI-powered hyperlocal solutions, from business mapping to data management. This startup is established by Ajay Bulusu, Gaurav Bubna, and Shaolin Zeng.
The three founders met while working at Grab and were a part of the technology leadership team at Grab, a superior ride-hailing app in Southeast Asia. Singapore-headquartered hyperlocal AI startup NextBillion AI is reworking maps technology to provide solutions for the logistics, ride-hailing, fleet management, e-commerce, delivery, and autonomous driving industries. With NextBillion AI, founded in 2020, they are on a mission to be the world’s most hyperlocal AI company. The company, which has a 50-member team, has offices in Bengaluru and Hyderabad.
“Mapping is our first use case, but as we progress in our journey, we want to get into more verticals with an AI-first approach. Natural language processing, facial recognition, and cybersecurity will be some of these areas,” said Bulusu.
Mapping Tech Startup NextBillion AI Clinched $7 Million
NextBillion AI settled to work on an AI-driven mapping technology program that would be open, easy to use, and highly custom-built for enterprises or businesses. In June, the firm’s total funding raised in Series A to $7 million.
An expenditure was co-led by Lightspeed Venture Partners and Falcon Edge Capital. The company incorporated Navroz Udwadia, Co-Founder and Partner of Falcon Edge Capital, and Hemant Mohapatra, Partner at Lightspeed, to the Board of Directors.
Time of Tribulations
The major suffering of this year is the outbreak of the Covid-19 pandemic, which has injured the Global Economy in the last few months. Hyperlocal is amidst the fastest-growing trends this year, and with the pandemic-induced lockdowns, people have become more hyperlocal aware. Ajay highlighted the fact that Hyperlocal has the potential of completely altering the way businesses sell and customers buy and can elevate customer experience to a whole new level. “Having a great idea is the first big challenge. The second most important step is to have a great team. We have both these steps covered, with experts and veterans on board. The third challenge that start-ups face is funding. This, too is taken care of. We now want to focus on our core competencies and deliver AI-powered solutions across verticals,” shared Ajay.
Expansion into Emerging Market
According to reports, the current market for AI-backed products stands at $5 billion globally. Already experiencing rapid growth in Singapore, China, and India, NextBillion AI aims to build intuitive and intelligent AI-led solutions customized to each business, and they will utilize the capital to grow its team, product, and R&D in future focus areas.
Currently, NextBillion maps is the first product of NextBillion AI, which is an AI-first map SaaS program that offers enterprises with a range of application programming interfaces (API), such as routing, navigation, direction, and distance matrix.
They will provide highly specialized AI tooling capabilities that support map data curation and maintenance. The second product currently under-the-making is the NextBillion tasks, where AI is used for decoding of data to simplify multilingual texts, image classification, sentiment analysis, and video annotations.